Evening Republican, Volume 14, Number 153, Rensselaer, Jasper County, 28 June 1910 — LOTS OF MONEY LOST IN GILLAM OIL FIELDS. [ARTICLE]

LOTS OF MONEY LOST IN GILLAM OIL FIELDS.

Judgments Aggregating $206,202.78 Against Two Companies Realize Only $16,600 at Master’s Sale. Some people lost a good big wad in the Gillam oil fields. Judgments in the federal court aggregating $206,202.78 against the American Lubric Co. and the Crescent Oil and Asphalt Co. resulted in a sale Monday in front of the court house of the real estate and personal property of both of these companies. The sale was conducted by the master in chancery, Edward Daniels, of Indianapolis. The Peoples Trust Co., of Chicago, was the creditor bringing the action for foreclosure, but there were said to be a number of other creditors. John C. Vanatta, a Brookston banker, who owns land in the oil field territory, and who was interested some years ago in the developemtent of the industry, had a chattel mortgage on part of the personal property and he bid in the personal effects of both companies. The real estate was purchased by Chas. Boody, of Brooklyn, N. Y., who came here as the representative of eastern creditors. The judgment against the American Lubric Co. was for $98,13051. The 400 acres of land which the company owned was sold to Mr. Boody for $7,000,. while Mr. Vanatta paid SIOO for the personal property. The judgment against the Crescent Oil and Asphalt Co. was $108,072.27 and there was 290 acres of land. Foi this Mr. Boody bid SB,OOO and Mr. Vanatta bought the personal property for $1,500. The personals consisted of drills, pumps, piping, tanks, engines, sheds and even an aged team of horses and a set of harness. As the lands were mortgaged and the chattels also, it is stated that only about enough was realized out of the sale .to pay the costs of the court. Mr. Vanatta is said to have purchased machinery that originally cost $20,000 or more, but most of it is in bad condition. It Is said that he contemplates operating some wells on his own land. Investors in the two companies lost what they put into it. Most of the suckers lived in New York.